Tyson Fury suffers defeat in Morecambe FC takeover bid as League One club confirm 20-year-old businessman will become Football League’s youngest ever owner

Tyson Fury has failed with his takeover bid for Morecambe FC.

The League One club say they are set to be taken over by 20-year-old entrepreneur Sarbjot Johal who are set to become the youngest owner in English football, subject to Football League approval.

A recent statement from Morecambe Chairman Graham Howse read: “It is fair to say that the sale process has not progressed as quickly as we would all have liked. That said, I understand that exciting times lie ahead on and off the pitch.

“Sarbjot Johal is eager to start the project to take the club to a new level, subject to satisfactorily navigating the EFL Owners and Directors Test.

“Sarbjot, through his company Sarb Capital, recently purchased shares in the Club, injecting us with more than useful income.

“I am, along with Sarbjot, keen that the process now moves forward quickly to reach a positive conclusion.”

In October, Fury, who lives in Morecambe, revealed to talkSPORT that he was considering buying his local club.

He told Jim White and Simon Jordan: “I’m thinking of buying Morecambe Football Club, they’re in League 1 at the moment. So I was thinking of investing $X million in them.

“I have been offered to buy Morecambe Football Club. “Anyway, I own all the training facilities and the training gymnasium. So who knows? You may be looking for a football club owner.

Last month it was reported that ‘The Gypsy King’ had been appointed to the job by Johal who was present when Morecambe beat Burton Albion 5-0 at Mazuma Stadium on New Year’s Day.

The club declined to comment on the speculation at the time but have now confirmed that Johal, who has amassed his wealth through his venture capital and private equity firm Sarb Capital, is the man to take them forward .

Fury has yet to react to his failed takeover bid and is currently continuing preparations for a historic fight with Oleksandr Usyk that will crown the first-ever heavyweight champion with four belts.

Talks are currently at an advanced stage for the two world champions to face off in Saudi Arabia on April 29 and an official announcement of a fight is believed to be imminent.